THE MVET WAY CEMN NEWSLETTER_FEB_MARCH_APRIL_2017_ISSUE_V_

Boost Your Credit Score in 2017 By Craig Buchan

Craig Buchan, M.A. Success Coach

Part 3 of 3

The second article outlined tips 3 and 4 for enhancing your credit score. This article will focus on the final tip for managing your credit score. Tip# 5. Cut up temptation, but don’t close the account. Closing a credit card to celebrate paying off debt is a time-honored tradition. Unfortunately, it can have a negative impact on your score. Keep the accounts open. But if you want to celebrate, just cut up the plastic. Before you do that, automate a path to a good score. Select one bill that can be paid with a credit card (for example, your cell phone bill). Set up an automatic payment. Then, set up automatic payment of your credit card bill (full statement balance) with your bank. Once you have automated responsible behavior, you can cut up the plastic. By doing this, you remove the temptation of the plastic but ensure you have activity on your credit report every month and will continue to have a good score. Advice: If you are starting from scratch, with no credit score at all, you should consider a secured credit card. And you should follow the same strategy: make one small transaction a month and pay the balance in full and on time. By the end of 2016, you will be well on your way towards an excellent score.

Pmc Craig buchan357@googlemail.com